QBE forced to pay out Ansett claims

Old May 20, 02, 3:52 pm
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QBE forced to pay out Ansett claims

The corporate watchdog yesterday flagged a crackdown on the claims-management practices of general insurance companies, after forcing QBE Insurance to make good on travel insurance claims it refused to pay in the aftermath of the Ansett Airlines collapse last September.

QBE, already under pressure over its $250 million net exposure primarily through Lloyd's of London syndicates to last year's World Trade Centre collapse, conceded it would pay the costs of any cancelled Ansett tickets on policies written from September 10 to September 14 - as demanded by the Australian Securities and Investments Commission. On September 10 QBE formed the view that Ansett's financial collapse was "foreseeable", and accordingly would not pay claims on policies issued up to the date of Ansett's collapse.

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Old May 23, 02, 11:39 pm
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"QBE, which took over HIH's travel insurance book earlier in 2000, wrote about 3000 policies for domestic air travellers during the period and received 600 claims. On this basis, analysts estimate additional claims on QBE and its Transport Industries Insurance Co subsidiary to cost less than $1 million (assuming more claims are now made)."

No help for those like Joh and I who had issued FF tickets though it seems? http://www.flyertalk.com/forum/mad.gif

~ Glen ~

[This message has been edited by ozstamps (edited 05-23-2002).]
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